Nigeria Major Corporations Exit Nigeria, Leaving 20,000 Job Losses, NECA Report Reveals

In a recent revelation, the Nigeria Employers' Consultative Association (NECA) has sounded the alarm over a significant exodus of multinational corporations from Africa's largest economy, resulting in the loss of 20,000 jobs over the past three years. Adewale Oyerinde, the director general of NECA, issued a stark warning about the dire consequences of this mass job loss, linking it to the prevailing harsh economic realities in the country.

In an exclusive interview with journalists, Oyerinde expressed deep concern over the trend, emphasizing that if not addressed promptly, it could exacerbate insecurity and lead to a surge in child labor across various sectors in Nigeria. He highlighted the unsettling fact that, in the last three years, more than 15 organizations, collectively employing over 20,000 individuals, have either divested from or partially closed their operations in the country.

"This has dire consequences not only for organised businesses but also for labour, government revenue, and households," Oyerinde emphasized.

Among the multinational giants bidding farewell to Nigeria are GSK, Sanofi, Procter & Gamble, Nampak, Unilever Nigeria, and Procter & Gamble. Their exits have sent shockwaves through the Nigerian economy, prompting experts to raise concerns about the potential impact on various sectors.

DAILY POST's reporting sheds light on the severity of the situation, underscoring the broader implications for the country's economic stability. The departure of these multinational companies not only threatens the livelihoods of thousands of workers but also poses challenges to government revenue and organized businesses.

Economic experts are expressing heightened concern over the long-term consequences of this corporate exodus, questioning the government's ability to attract new investments and mitigate the impact on employment and economic growth.

As Nigeria grapples with this economic crisis, the potential for increased insecurity and child labor looms large, adding urgency to the need for strategic interventions to stabilize the job market and encourage sustainable business practices. The coming months will be critical in determining whether the Nigerian government can reverse this trend and secure the nation's economic future.